- On the daily chart, oil has edged up above a resistance at $66.15. It may gain more towards $68.14.
SINGAPORE: Brent oil may revisit its April 20 high of $68.08 per barrel, as it has broken a resistance at $66.47.
The break suggests an extension of the bounce from the April 22 low of $64.58 or a continuation of the uptrend from $61.25. It also confirms a small double-bottom which indicates a target of $68.08.
It seems oil intends to consolidate further in the range of $64.66-$68.08 over the next one or two weeks. A drop below $65.71, however, would make the target of $68.08 invalid, as oil may extend its loss to $64.66.
On the daily chart, oil has edged up above a resistance at $66.15. It may gain more towards $68.14.
It is still doubtful that the contract could break $68.14 and rise towards $71.38, unless a big white candlestick forms on Wednesday.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.